Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Allianz Annual Report 2012

38 – Investment expenses investment expenses D 109 € mn 2012 2011 2010 Investment management expenses (525) (477) (466) Depreciation of real estate held for investment (190) (185) (171) Other expenses from real estate held for investment (161) (190) (190) Total (876) (852) (827) 39 – Acquisition and administrative expenses (net) Acquisition and administrative expenses (net) D 110 € mn 2012 2011 2010 Segment Consoli- dation Group Segment Consoli- dation Group Segment Consoli- dation Group Property-Casualty Acquisition costs Incurred (9,473) 1 (9,472) (8,947) 1 (8,946) (8,936) 1 (8,935) Commissions and profit received on reinsurance business ceded 498 (12) 486 490 (4) 486 509 (3) 506 Deferrals of acquisition costs 5,715 – 5,715 5,253 – 5,253 5,081 – 5,081 Amortization of deferred acquisition costs (5,605) – (5,605) (5,186) – (5,186) (4,966) – (4,966) Subtotal (8,865) (11) (8,876) (8,390) (3) (8,393) (8,312) (2) (8,314) Administrative expenses (2,808) 71 (2,737) (2,725) 14 (2,711) (2,732) 9 (2,723) Subtotal (11,673) 60 (11,613) (11,115) 11 (11,104) (11,044) 7 (11,037) Life/Health Acquisition costs Incurred (4,535) 13 (4,522) (4,448) 6 (4,442) (4,365) 3 (4,362) Commissions and profit received on reinsurance business ceded 110 (1) 109 99 (1) 98 94 (1) 93 Deferrals of acquisition costs 2,790 (1) 2,789 3,133 (2) 3,131 3,069 – 3,069 Amortization of deferred acquisition costs (2,241) – (2,241) (2,302) – (2,302) (2,450) 1 (2,449) Subtotal (3,876) 11 (3,865) (3,518) 3 (3,515) (3,652) 3 (3,649) Administrative expenses (1,440) (64) (1,504) (1,509) 61 (1,448) (1,523) 40 (1,483) Subtotal (5,316) (53) (5,369) (5,027) 64 (4,963) (5,175) 43 (5,132) Asset Management Personnel expenses (2,580) (1) (2,581) (2,240) – (2,240) (2,272) – (2,272) Non-personnel expenses (1,286) 27 (1,259) (1,219) 31 (1,188) (1,094) 13 (1,081) Subtotal (3,866) 26 (3,840) (3,459) 31 (3,428) (3,366) 13 (3,353) Corporate and Other Administrative expenses (1,291) (20) (1,311) (1,216) (51) (1,267) (1,350) (11) (1,361) Subtotal (1,291) (20) (1,311) (1,216) (51) (1,267) (1,350) (11) (1,361) Total (22,146) 13 (22,133) (20,817) 55 (20,762) (20,935) 52 (20,883) Annual Report 2012    Allianz Group320

Pages